8 in 10 motor dealers use market data to inform stock decisions
82% of motor dealers use market data to help them with stock decisions, according to new Forecourt Foresight research from Close Brothers Motor Finance.
Of those who use market data, more than two in three (68%) say they use it to ensure they’re setting the right selling price. More than half (56%) use it to check they’re buying stock at the right price, while a third (33%) rely on it to see which vehicles are popular in their area.
The research, which surveyed more than 130 motor dealers, found that just 18% say they don’t use market data.
Do motor dealers use market data to help with stock decisions?
| Yes, to check they are buying stock at the right price | 56% |
| Yes, to check they are setting the right selling price | 68% |
| Yes, to see which vehicles are popular in their area | 33% |
| No | 18% |
Lisa Watson, director of sales at Close Brothers Motor Finance, said: “Our latest Forecourt Foresight research shows just how important market data is to dealers, with the vast majority relying on it to make informed stock decisions for their forecourts.
“External factors including rising costs are causing drivers to make cutbacks where they can and this could have a knock-on effect on their next car purchase and in turn, change the type of vehicle they want to purchase. For motor dealers it’s essential they’re continuing to use these insights and ensure they’re stocking the right stock to meet this changing demand. And for the dealers who aren’t using these insights, they could be missing out not just on future business, but also run the risk of not stocking the right vehicles to meet the demand in their region – which could impact their bottom line.”
